Trican Well Service (TCW) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue rose to $300.6 million, up from $221.6 million year-over-year, driven by the Iron Horse acquisition and increased operating activity despite commodity price pressures and project delays in September shifting work into Q4.

• Adjusted EBITDA reached $66.9 million (22% margin), up from $53.1 million (24% margin) in Q3 2024, with $2.5 million in acquisition-related transaction costs expensed.

• Profit for Q3 2025 was $28.9 million ($0.15 per share), up from $24.5 million ($0.12 per share) in Q3 2024.

• The Iron Horse acquisition expanded operational capabilities, adding fracturing spreads and coiled tubing units, with integration ongoing and equipment sharing between divisions.

Financial highlights

• Revenue increased 36% year-over-year to $300.6 million.

• Adjusted EBITDA rose to $66.9 million (22% of revenue), up from $53.1 million (24% of revenue) in Q3 2024.

• Free cash flow for Q3 2025 was $35.4 million ($0.19 per share basic), compared to $32.4 million ($0.16 per share) in Q3 2024.

• Net debt at September 30, 2025 was $130.6 million, up from a net cash position of $26.3 million at year-end 2024, mainly due to the Iron Horse acquisition.

• Administrative expenses increased 40% year-over-year for the nine months ended September 30, 2025, reflecting technology investments and integration costs.

Outlook and guidance

• Q4 is expected to be stronger than Q3, with much of September's delayed work shifting into October and November.

• 2025 is forecasted to be level-loaded across quarters, and 2026 is anticipated to be better due to improving gas prices and LNG demand.

• Canadian energy infrastructure developments and LNG export capacity are expected to drive sustained drilling and completions growth.

• Q4 2025 Iron Horse results are expected to be lower than anticipated due to deferred customer capital programs, but strong activity is forecast for Q1 2026.

• Activity in Montney and Duvernay remains robust, with 3–5% activity growth expected year-over-year.